Karson tells GlobeSt.com that Gift Mart is only paying about $7 per sf for its 230,000 sf, about half of the $14 per sf lease paid by the other two tenants, United Healthcare and MNI Bank. The health group takes up most of the rest of the building, with the bank taking 25,000 sf. "United is a key tenant," Karson says. "It's very likely that they would take some, if not all, of the space vacated by Gift Mart. If that happens, it would increase the building's value by $25 million."

The loan is really for about $55 million, with another $10 million "good news" facility. "This gives the property owner the ability to use the $10 million to help move out the tenant, but if they don't need it, it's at no cost to them," Karson says. The initial loan funding equates to a value of less than $85 per sf, says Andrew Oliver, managing director and principal at Sonnenblick Goldman.